NicOx reacquires rights to PF-03187207 for glaucoma from Pfizer

Sophia Antipolis, France, August 6, 2009. . www.nicox.com -- NicOx
S.A. (NYSE Euronext Paris: COX) today announced the signature of an
agreement with Pfizer Inc to reacquire the full development and
commercialization rights to PF-03187207, which has completed two
phase 2 studies in patients with primary open angle glaucoma and
ocular hypertension. As part of this agreement, Pfizer has granted
NicOx the right to access and use certain proprietary Xalatan®
(latanoprost) data.

“We are very pleased with this transaction with
NicOx,” said David K. Rosen, Head of Out Licensing for
Pfizer. “The two companies have enjoyed a very good
relationship throughout this collaboration and we look forward to
supporting NicOx during the transition period. This agreement
demonstrates our ongoing commitment to out-license and to allow
partner companies to reacquire R&D programs that are no longer
core to our strategy but could become important medicines for
patients and physicians.”

Gavin Spencer, Vice President of Business Development at NicOx,
added: “We believe PF-03187207 has good potential to be
registered for glaucoma and ocular hypertension and could represent
an important new treatment option for the benefit of patients
worldwide. We will evaluate opportunities for advancing PF-03187207
into phase 3, including possible third-party partnerships. We
maintain an excellent relationship with Pfizer and understand its
decision to conclude our previous agreements.”

Under the new agreement and following Pfizer’s announced
strategic review process, NicOx is also regaining rights to a
number of novel, research-stage, nitric oxide-donating compounds
for the potential treatment of diabetic retinopathy and glaucoma.
The compounds targeting diabetic retinopathy have produced positive
results in a variety of models showing their potential benefit for
the treatment of this prevalent eye disease, for which existing
treatments are inadequate. The agreement announced today supersedes
and concludes NicOx’ previous August 2004 and March 2006
agreements with Pfizer and follows the receipt of the last annual
research funding of ?? million by NicOx in March 2008.

Terms of the new agreement on PF-03187207 and Xalatan® data
access

Under the terms of the new agreement with Pfizer, NicOx is
reacquiring the full development and commercialization rights to
PF-03187207 (including the right to sublicense), as well as the
entire current data-package and development information. NicOx can
also access and use certain proprietary Xalatan® development
information and cross-refer to Xalatan® regulatory filings,
which could be important for the potential future development and
regulatory filing of PF?. Pfizer will also provide temporary
technical support to help the transition to any further clinical
program. In return, NicOx has agreed to pay Pfizer two undisclosed
milestones (the first of which is linked to approval in the US,
European Union and Japan, and the second on reaching predefined
sales levels), in addition to royalties on future sales.

In the phase 2 studies conducted in the United States and Japan,
the two highest doses of PF-03187207 showed an improvement over
Xalatan® 0.005% of up to 12%, in terms of the diurnal
intraocular pressure (IOP) reduction at day-28, compared to
baseline. In both the Japanese and U.S. studies, PF-03187207 showed
a 20% greater reduction in IOP at 20 hours post-dose compared to
Xalatan® 0.005%, suggesting a more sustained IOP lowering
effect. This difference was statistically significant in the U.S.
study (p<0.05). PF-03187207 appeared to be safe and well
tolerated in both studies, with adverse events being mild.

The results of the US phase 2 trial were presented in May 2009
by NicOx and Pfizer at the Association for Research in Vision and
Ophthalmology (ARVO) Annual Meeting in Fort Lauderdale, Florida,
together with three other scientific communications on
PF-03187207.

Over the last 11 months, the research activities under the March
2006 agreement have been solely focused on the synthesis and
characterization of compounds for the potential treatment of
diabetic retinopathy. This research has identified a number of
novel, nitric oxide-donating compounds, which have produced
positive results in a variety of models showing their potential
benefit for the treatment of diabetic retinopathy. Under the new
agreement, Pfizer has relinquished its option to select a drug
candidate for development from this research project. NicOx has
also regained rights to a number of promising research stage
compounds targeting glaucoma.

“The diabetic retinopathy research program we are
receiving from Pfizer has produced compelling preclinical results
and we intend to identify the best approach to advance it into
development,” declared Pascal Pfister, Chief Scientific
Officer and Head of Research and Development at NicOx. “We
are enthusiastic about the benefits of nitric oxide donation in
ophthalmology and are glad to have regained full rights to our
proprietary technology in this attractive therapeutic
area.”

About glaucoma

Glaucoma is a group of eye diseases which can lead to the loss
of peripheral vision and eventually total blindness. Glaucoma is
frequently linked to abnormally high pressure in the eye
(intraocular pressure, IOP), due to blockage or malfunction of the
eye’s drainage system. Abnormally high IOP does not cause any
symptoms itself, however it can lead to optic nerve damage and
vision loss if left untreated. Drug therapy is used to reduce IOP
and therefore prevent further vision loss, typically through
increasing the drainage of intraocular fluid by relaxing certain
muscles in the eye. Several large government trials have
demonstrated that reducing IOP can prevent the progression of
glaucoma in both early and late stages of the disease. A
significant proportion of patients with elevated IOP require more
than one medication to maintain their IOP within target levels,
highlighting the need for more effective treatments.

About diabetic retinopathy

Diabetic retinopathy causes 12,000 to 24,000 new cases of
blindness each year in the United States and represents the most
common cause of blindness among adults aged 20 to 74 years. In the
US, 40-45% of adults diagnosed with diabetes have some degree of
diabetic retinopathy, which corresponds to 4.1 million adults
(2004).

Diabetic retinopathy is retina damage due to diabetes. High
blood sugar can damage ocular blood vessels, causing them to become
blocked or leak fluid. Frequently a swelling of the retina or a
build-up of protein deposits on the retina can be involved in the
disease. In some cases there is a development of new, abnormal
vessels, which can break and bleed into the center of the eye,
inducing blindness. In addition to prevention through the
management of blood sugar levels, the most established treatment
for diabetic retinopathy is laser surgery.

NicOx (Bloomberg: COX:FP, Reuters: NCOX.PA) is a product-driven
biopharmaceutical company dedicated to the development and future
commercialization of investigational drugs for unmet medical needs.
NicOx is applying its proprietary nitric oxide-donating technology
to develop an internal portfolio of New Chemical Entities (NCEs) in
the therapeutic areas of inflammatory and cardio-metabolic
disease.

Resources are focused on the development and
pre-commercialization activities for naproxcinod, a proprietary NCE
and a first-in-class Cyclooxygenase-Inhibiting Nitric
Oxide-Donating (CINOD) anti-inflammatory agent for the relief of
the signs and symptoms of osteoarthritis. Naproxcinod has completed
three pivotal phase 3 studies with positive results and regulatory
submissions are projected for Q3 2009 for a New Drug Application
(NDA) to the US Food and Drug Administration (FDA) and Q4 for a
Marketing Authorization Application (MAA) to the European Medicines
Agency (EMEA).

Beyond naproxcinod, NicOx has a pipeline containing multiple
nitric oxide-donating NCEs, which are in development internally and
with partners, including Merck & Co., Inc., for the treatment
of prevalent and underserved diseases, such as atherosclerosis,
hypertension, widespread eye diseases and respiratory diseases.

NicOx S.A. is headquartered in France and is listed on the NYSE
Euronext Paris (Compartment B: Mid Caps).

This press release contains certain forward-looking statements.
Although the Company believes its expectations are based on
reasonable assumptions, these forward-looking statements are
subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those anticipated in the
forward-looking statements.

For a discussion of risks and uncertainties which could cause
actual results, financial condition, performance or achievements of
NicOx S.A. to differ from those contained in the forward-looking
statements, please refer to the Risk Factors (“Facteurs de
Risque") section of the Document de Reference filed with the AMF,
which is available on the AMF website (http://www.amf-france.org) or on
NicOx S.A.'s website (http://www.nicox.com).